M&M Financial Services dips on disappointing Q3 results
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Mahindra and Mahindra (M&M) Financial Services has dipped 7% to Rs 287 on BSE in otherwise firm market after the company reported disappointing set of numbers for the third quarter of current financial year.
The company has posted a 14% year on year (yoy) decline in consolidated net profit to Rs 157 crore in the quarter ended December 31, 2014 (Q3), due to higher loan provisions and write offs. The company had profit of Rs 182 crore in year ago quarter.
Analyst on an average had expected net profit of Rs 200 crore for the quarter.
The loan provisions and write offs rose 51% yoy to Rs 276 crore while the total income grew by 12% to Rs 1,522 crore during the quarter, M&M Financial Services said in a statement.
The gross non-performing assets (NPA) to total assets stood at 7.1% as on December 31, 2014 compared with 4.8% a year ago while the net NPA to total assets was at 3.4% compared with 2.2% a year ago.
The stock opened at Rs 291 and hit a low of Rs 282 on BSE. A combined 3.99 million shares changed hands on the counter till 1115 hours on BSE and NSE.
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